Phoenix-area home foreclosure rate continues to fall

Foreclosure and mortgage delinquency rates in the Phoenix area declined in February from a year ago, another sign of a stabilizing housing market in Arizona.

New data from CoreLogic shows that the rate of Phoenix-area foreclosures among outstanding mortgage loans was 1.31 percent in February, a decrease of 1.67 percentage points compared with a year earlier.

Foreclosure activity in Phoenix area was also lower than the national foreclosure rate, which was 2.85 percent in February 2013.

The mortgage delinquency rate also decreased in the Phoenix area compared with a year ago. According to CoreLogic data for February 2013, 4.07 percent of mortgage loans were 90 days or more delinquent compared with 6.99 percent for the same period last year, representing a decrease of 2.92 percentage points.

Arizona’s foreclosure rate was nearly 5 percent at the beginning of 2011 and has fallen consistently since. The same can be said of the 90-day delinquency rate, which was nearly 12 percent at the start of 2011 and just 4 percent in February.